The Times - Global and domestic conditions have worsened since the January meeting. A cut in rates to 5.25% is now urgently needed. But this is no longer enough. To counter the mounting threats to the economy, we urge the MPC to cut interest rates as early as practical to 5%. We would welcome a bold move to 5% on Thursday. But, if this is thought to be too risky, because it may be seen as signalling panic, the MPC could move to 5% in two rapid steps. It is critical, however, to avoid undue delay. The longer the MPC waits now, the bigger the danger that the situation would deteriorate, and the policy choices would become more difficult and more unpleasant later in the year.
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